Hong Kong Remains World’s Freest Economy

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September 28, 2017 - Clement Leung, Hong Kong Commissioner to the United States, welcomed the publication of the 2017 Economic Freedom of the World report which once again ranks Hong Kong as the world leader in economic freedom.

The report is co-published by the Cato Institute, the Fraser Institute of Canada and more than 70 think tanks around the world. It measures economic freedom (levels of personal choice, ability to enter markets, security of privately owned property, rule of law, etc.) by analyzing the policies and institutions of 159 countries and territories.

“The report affirms Hong Kong’s commitment to upholding free market principles and the rule of law which sustain a healthy business environment,” said Mr. Leung. “We will continue to maintain a small and efficient public sector which contributes to Hong Kong’s success as an international business, trade and financial center.”

In response to the Fraser Institute’s concern that perceived interference from Mainland China would deteriorate the rule of law of Hong Kong, Mr. Leung said that the Hong Kong government was confident that the institutional pillars which buttress the rule of law and judicial independence remain strong and robust.

According to the report, Hong Kong’s performance in the broad area of “legal system and property rights” remained largely the same as that of last year.

In addition, the “Global Competitiveness Report” recently published by the World Economic Forum ranks Hong Kong first (1st) in Asia and 13th globally in judicial independence – ahead of Japan, Singapore, Germany and the United States.

The 2017 report is based on data from 2015, the most recent year of available comparable statistics.

The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields, from economics to political science, and from law to philosophy.

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